The housing marketing in Toronto has increased considerably as new housing assessments show that the property originally purchased is now worth considerably more than this purchase price. However, with houses consisting more, the property tax to be paid on these houses has increased as well.
Yet according to the Canadian Home Income Plan, many people especially seniors can use the equity in their homes to help pay impending bills.
It is being recommended by Patricia Lovett-Reid, Senior VP of TD Waterhouse as a “legitimate funding strategy for people 60 and above who want to stay in their home”.
Usually many people choose either a 6 month or 1-3 year term, with 6.95% interest on the 6 month term, or 8.25% interest on the 3 year term. Based on this strategy, homeowners are able to receive $20,000-$50,000 tax free, and this amount is paid back when the house is sold or if you die.
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